Trial accuracy can be distinguished only from OFC, not ACC, theta power in the reversal phase following ACC inhibition. Baseline-subtracted (normalized) theta power was calculated for correct and incorrect choices in the discrimination and reversal learning phases. (A) In hM4Di animals, there was no significant difference in normalized ACC theta power between correct vs. incorrect trials in the reversal phase. (B) in hM4Di animals, there was no significant difference in normalized theta power in OFC for correct vs. incorrect trials in discrimination, but normalized theta power in OFC did signal trial accuracy in reversal learning. (C) In eGFP animals, normalized theta power in ACC signaled trial accuracy in reversal learning. (D) In eGFP animals, normalized theta power in OFC signaled trial accuracy in both discrimination and reversal learning. (E) Example event-triggered raw (gray) and theta filtered (red) trace in hM4Di rat with trial start (black dotted line) and correct choice (green dotted line), and reward collection (pink dotted line) denoted for the trial. (F) Example event-triggered raw (gray) and theta-filtered (red) trace in eGFP rat with correct choice (green dotted line) denoted for the trial. Means ± standard error of the mean (S.E.M.) bars. ***P < 0.001, *P < 0.05 following Bonferroni-corrected post-hoc comparisons.